Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [2][5]. Core Viewpoints - The report highlights the launch of the "Qiyuan Critical Care Model" by Tencent in collaboration with Mindray Medical, marking the first global application of a critical care AI model. This initiative is expected to enhance productivity by transitioning from quantity to quality in AI applications within the medical field [2]. - The model integrates vast patient data to create digital profiles, enabling deep analysis and predictive insights for medical conditions, thus assisting doctors in making rapid decisions [2]. - The report emphasizes the significant data resources and technological capabilities of leading companies like Tencent, which provide a robust foundation for the AI model, enhancing its application in clinical settings [2]. Summary by Sections Event Overview - On December 27, Tencent announced the launch of the "Qiyuan Critical Care Model" in partnership with Mindray Medical, with pilot applications already in place at Zhejiang University First Affiliated Hospital's ICU [2]. Model Functionality - The model is designed to perform several key functions including rapid patient history analysis, efficient medical record generation, precise knowledge retrieval, and personalized treatment recommendations, significantly improving efficiency and accuracy in medical decision-making [2]. AI Application Expansion - The report notes that the collaboration between top tech companies and healthcare giants is accelerating the application of AI in various sectors, particularly in healthcare, where the model is expected to broaden the scope and depth of AI applications [2]. Investment Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, InnoCare Pharma, BlueFocus Communication Group, and others, as they are positioned to benefit from the advancements in AI applications across industries [2].

投资评级说明 领先大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数领先 10%以上； 同步大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨跌幅介于-10%至 10%； 落后大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数落后 10%以上。 http://www.huajinsc.cn/ 9 / 10 请务必阅读正文之后的免责条款部分 免责声明： 本报告版权仅为本公司所有，未经事先书面许可，任何机构和个人不得以任何形式翻版、复制、发表、转发、篡改或引用本报告的 任何部分。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"华金证券股份有限公司研究所"，且不得对 本报告进行任何有悖原意的引用、删节和修改。 华金证券股份有限公司 网址： www.huajinsc.cn 公司近 3 年收入和利润情况 公司目前已形成较为广泛的销售和售后服务网络，为航空工业集团（含航空工业成飞、成发 公司、沈飞公司等）、中国商飞、比亚迪、一汽大众、宁德时代、上汽大众、上汽通用、特斯拉、 中联重科、徐工集团、中兴通讯等知名企业及中国科学院空间应用工程与技术中心、中国科学院 微电 ...

Investment Rating - The investment rating for the company is "Accumulate," indicating a projected increase in stock price between 5% to 15% over the next 6-12 months [43]. Core Insights - The company, Huitong Technology, specializes in the manufacturing of equipment for polymer materials and hydrogen peroxide production, along with design consulting and engineering contracting services [19][66]. - The company has shown significant revenue growth from 2021 to 2023, with revenues of 498 million, 813 million, and 592 million yuan respectively, reflecting year-over-year growth rates of 157.17%, 63.20%, and -27.16% [28][13]. - For the first nine months of 2024, the company reported revenues of 507 million yuan, a year-over-year increase of 31.47%, and a net profit of 89 million yuan, up 26.97% [28]. - The company is expected to achieve a revenue growth of 36.40% and a net profit growth of 9.28% in 2024 based on management's preliminary forecasts [28]. Summary by Sections Financial Performance - The company achieved a net profit of 85.1 million, 130.9 million, and 98.7 million yuan from 2021 to 2023, with corresponding year-over-year growth rates of 177.78%, 53.70%, and -24.58% [13][28]. - The average revenue of comparable companies in the industry for 2023 was 1.853 billion yuan, with an average PE-TTM of 18.39X and an average gross profit margin of 24.72% [33]. Business Highlights - Huitong Technology has established itself as a leading provider of specialized equipment and engineering solutions in the chemical engineering sector, focusing on polyester, nylon, hydrogen peroxide, and biodegradable materials [24][66]. - The company has formed strategic partnerships with industry leaders such as Yangnong Chemical and Air Liquide, enhancing its competitive edge [24][17]. - The company is extending its business into the downstream biodegradable materials sector, which is expected to benefit from favorable market conditions due to policies promoting biodegradable materials [64]. Industry Context - The domestic market for metal pressure vessels has been growing steadily, with a compound annual growth rate of 7.09% since 2002, indicating a robust demand for the company's products [71][72]. - The engineering design consulting industry is characterized by a fragmented market with numerous participants, suggesting opportunities for growth and consolidation [74].

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Investment Rating - The industry investment rating is "Leading the Market," indicating an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [5][13]. Core Insights - The report highlights the significant advancements in domestic AI models, particularly with the release of DeepSeek-V3, which has shown a threefold increase in generation speed compared to its predecessor and outperformed several leading models in various assessments [5]. - The collaboration between Lenovo and Volcano Engine to enhance AI desktop assistants is noted as a key development, aiming to improve user experience through integrated AI functionalities [5]. - The report suggests a focus on companies such as Tencent Holdings, NetEase, and others as potential investment opportunities due to their involvement in the evolving AI landscape [5]. Summary by Sections Industry Performance - The report discusses the impressive performance of DeepSeek-V3 across multiple domains, achieving a score of 75.9 in encyclopedic knowledge, significantly higher than its predecessor [5]. - In long-text processing and coding scenarios, DeepSeek-V3 has outperformed other models, showcasing its capabilities in various applications [5]. Investment Recommendations - The report recommends attention to companies that are actively exploring AI applications, including Tencent Holdings, NetEase-S, and several others, as they are expected to benefit from the ongoing advancements in AI technology [5].

落后大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数落后 10%以上。 基准指数说明：A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的） 或三板做市指数（针对做市转让 标的）为基准；香港市场以恒生指数为基准，美股市场以标普 500 指数为基准。 分析师声明 倪爽声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽责、诚实守信。本人对本报告的内容和观点负责，保证 信息来源合法合规、研究方法专业审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 http://www.huajinsc.cn/ 2 / 3 请务必阅读正文之后的免责条款部分 行业快报 本公司具备证券投资咨询业务资格的说明 华金证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司及其投资咨 询人员可以为证券投资人或客户提供证券投资分析、预测或者建议等直接或间接的有偿咨询服务。发布证券研究报告，是证券投资咨询 业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投 资分析意见，制作证券研 ...

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Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [25][26] Core Views - The company is expected to benefit from strong demand in the IoT chip terminal market, with projected revenue growth rates of 25%, 23%, and 20% for 2024-2026, respectively [9] - The IoT application processor chip business is anticipated to see significant growth, with revenue growth rates of 40%, 50%, and 50% for 2024-2026, driven by the expansion of smart city, smart home, and industrial IoT applications [9] - Other business segments are expected to grow at a steady rate of 20% annually from 2024 to 2026 [9] Financial Projections - Total revenue is projected to increase from CNY 729.29 million in 2024 to CNY 1,178.85 million in 2026, with a compound annual growth rate (CAGR) of 27.38% [10] - Gross margins for the IoT series chips are expected to improve from 15% in 2024 to 23% in 2026, reflecting better competitive positioning and product upgrades [9][10] - The company's PS (Price-to-Sales) ratio is forecasted to be 6.31x, 4.93x, and 3.90x for 2024-2026, respectively, which is below the average of comparable companies [10][11] Industry and Company Overview - The company specializes in IoT smart hardware SoC chips, with products widely used in smart home, security, office, and industrial IoT applications [25] - It has a significant market share in the global home camera market, exceeding 20% in both 2022 and 2023 [25] - The company is advancing its IoT camera chip technology towards higher resolution (up to 8K), enhanced AI capabilities, and improved power efficiency [23] Valuation and Peer Comparison - The company's valuation metrics (PS ratio) are lower than those of peers such as Allwinner Technology, Beken Corporation, and Telink Semiconductor, indicating potential undervaluation [11] - The report highlights the company's strong R&D capabilities, with over 75% of its IP being self-developed, which supports continuous innovation and product iteration [25]

Investment Rating - The industry investment rating is "Outperform" with a maintained outlook for leading the market [2][12]. Core Insights - In 2024, the Steam platform released a record 18,825 new games, surpassing the previous year's 14,311, indicating a thriving gaming ecosystem [4]. - The game "Black Myth: Wukong" was awarded the "Game of the Year" at the NYX Game Awards, highlighting the impact of quality content and IP on market growth [4]. - The online user count on Steam reached a peak of over 39.2 million, an increase of approximately 8 million from the previous year, reflecting strong user engagement [4]. - Classic games and high-quality IP continue to dominate player engagement, with 47% of Steam users' time spent on games released in the last 1-7 years and 37% on games over 8 years old [4]. Summary by Sections Industry Performance - The gaming industry is experiencing steady growth, driven by high-quality content and IP, with a significant increase in both game releases and user engagement [4]. - The performance of new games, such as "Black Myth: Wukong" and "Jedi Survivor," has been notably strong, contributing to the industry's positive outlook for 2025 [4]. Investment Recommendations - The report suggests focusing on leading companies in the gaming sector, including Tencent, NetEase, Bilibili, and others, as they are expected to benefit from the ongoing industry expansion [4].

Investment Rating - The industry investment rating is "Buy" for the stock of Shunling Environment, indicating an expected increase of over 15% in the next 6-12 months compared to the relevant market index [7][10]. Core Insights - The acquisition of core assets and technology from Bixin Energy by Weidi enhances its product strength in chillers and heat pumps, which is crucial for the cooling solutions market [2]. - The liquid cooling market is projected to reach a scale of $12.6 billion in China by the first half of 2024, with a year-on-year growth of 98.3%. The compound annual growth rate (CAGR) from 2023 to 2028 is expected to be 47.6%, reaching $10.2 billion by 2028 [7]. - The increasing power consumption of chips, alongside PUE energy efficiency requirements, is driving the demand for liquid cooling solutions, making it a preferred option for high-density computing centers [7]. Summary by Sections Company Developments - Weidi's acquisition of Bixin Energy's core assets focuses on the development and manufacturing of chillers, heat pumps, waste heat recovery, and air treatment equipment [2]. - Shunling Environment launched a modular liquid cooling system at the Asia Data Center Expo, designed to meet the needs of advanced computing centers [2]. Market Trends - The liquid cooling technology is expected to significantly improve data center cooling efficiency, with PUE values potentially dropping below 1.2, compared to traditional air cooling systems [7]. - The IDC report indicates that the liquid cooling server market in China is rapidly expanding, driven by the need for energy-efficient solutions in data centers [7]. Future Outlook - The report suggests a strong focus on companies like Yinvike, Shunling Environment, and others as potential investment opportunities in the growing liquid cooling market [2].